At the University of Pittsburgh, we believe in translating groundbreaking discoveries into real-world impact through commercializing university research. As a major public research university, we strive to make a positive impact through the cultivation of new knowledge and creative works. Here, you’ll discover why you should commercialize research at Pitt, turning laboratory breakthroughs into new or improved products and services that make a difference in people’s lives and generate economic opportunity for academic inventors, the university, and the wider community.
What is commercialization?
Commercialization is the process by which a new product or service is introduced into the general market. Commercialization of university research is typically broken into phases, from the initial introduction of the product through its mass production and adoption. It takes into account the production, distribution, marketing, sales, and customer support required to achieve commercial success. As a strategy, commercialization requires that a business develop a marketing plan, determine how the product will be supplied to the market, and anticipate barriers to success.
Benefits of Commercialization
Commercialization of research provides new products and services that can be used to solve some of life’s most pressing problems, as well as making incremental improvements to the quality of life for consumers and business effectiveness across a wide variety of domains.
Societal Benefit
Spanning across areas such as healthcare, environmental, wellness, fitness, education, industrial applications, and simply, day-to-day life, innovations resulting from university research commercialization are most impactful when they are in the hands of those who can benefit from them most. Overall, societal benefit is a key driver for why we encourage you to commercialize research at Pitt.
Economic Growth
Taking innovations to market through commercializing university research at Pitt also provides significant economic benefit. Whether it be through the licensing of technology to other companies or through the development of new startup companies, research commercialization provides new revenue generation and job creation locally, regionally, and potentially across the globe.
Industry Partnerships
Commercializing university research provides an opportunity to engage with industry partners, investors, and other businesses. These partnerships can result in additional funding sources to further University research. Oftentimes, the University can serve as supplemental R&D resources to industry partners who serve as a conduit for translating research to the broader market. In addition, the University can generate revenue that can be reinvested into research, cover commercialization-related costs, and fund the pursuit of entrepreneurship.
Recruitment and Retention
The successful efforts to commercialize university research at Pitt result in positive publicity and also generate awareness of the research, inventions, and the entrepreneurial culture of the University. These successes and publicity can help to retain and attract both faculty and students, as well as additional research and commercial partners.
Entrepreneurship
By having a focus on entrepreneurship and research commercialization, both faculty and staff can get exposure to the business community which can be beneficial in multiple ways. Bridging academia and industry can result in increased knowledge of the business sector, career development opportunities, and investor relations.
Commercializing university research can take several shapes – from licensing a technology to an established company or entrepreneur to creating a startup company from the ground up. Learn more about how your innovation can get to market.
Still interested in learning more about how to commercialize university research at Pitt?
Check out our programs and courses that may be of help to you or explore our Inventor’s Guide.